GTAA REPORTS 2026 SECOND QUARTER RESULTS

TORONTO, Aug. 5, 2026 /CNW/ -- The Greater Toronto Airports Authority ("GTAA") today reported its financial and operating results for the second quarter and the first half of 2026.  Toronto Pearson, Canada's busiest airport, saw growth in its overall passenger volumes, which increased by 0.4 million or 3.3% to 12.4 million for the second quarter and 0.8 million or 3.5% to 23.5 million year-to-date, when compared to the same periods in 2025. While the international sector continues to be affected by a decline in volume to the United States, growth has been driven by modest increases in other international volume and strong domestic demand, with more Canadians choosing to travel within Canada.

"Toronto Pearson delivered steady growth in the second quarter of 2026, supported by domestic demand, international passenger growth and smooth, efficient ecosystem operations during the FIFA World Cup. With passenger volumes up over 3% for the quarter and year-to-date, alongside growth in revenue and EBITDA, these results reflect the competitive position of our airport and the advancement of our strategic priorities," said Deborah Flint, President and CEO.

"The momentum of Pearson's LIFT program is demonstrated by the award of the contract and formal launch of the T1/T3 Revitalization program, and final stages of the inflight procurement for the Gateway programs. The pace of LIFT is essential to strengthening Toronto Pearson's role as a vital connector for people, businesses and goods, and generating economic impact, while positioning the airport for long-term growth," added Flint.

Toronto Pearson continues to monitor the global economic and political landscape, risks, and evolves measures to adapt to economic uncertainty.

Key Passenger and Financial Information

	Three months ended June 30				Six months ended June 30
(millions)	2026	2025	Change^1		2026	2025	Change^1
Passenger Activity				%				%
Domestic	4.7	4.4	0.3	6.8	8.3	7.7	0.6	7.4
International	7.7	7.6	0.1	1.3	15.2	15.0	0.2	1.5
Total	12.4	12.0	0.4	3.3	23.5	22.7	0.8	3.5
($ millions)
Total Revenues	566.6	520.7	45.9	8.8	1,089.1	1,008.1	81.0	8.0
EBITDA ^2	277.2	260.9	16.3	6.2	516.5	477.8	38.7	8.1
EBITDA Margin	48.9 %	50.1 %			47.4 %	47.4 %
Net Income	127.5	109.7	17.8	16.2	169.5	179.2	(9.7)	(5.4)
Free Cash Flow ^2	18.8	53.8	(35.0)	(65.1)	182.1	184.6	(2.5)	(1.4)
1 Percentage calculations are based on detailed actual numbers (not rounded as presented).
2 Please refer to Non-GAAP Financial Measures at the end of this document for further details.

Revenue for the second quarter was $566.6 million, an increase of 8.8%; year-to-date revenue was $1,089.1 million, an increase of 8.0%, compared to the same periods in 2025. The increase in the second quarter and year-to-date was primarily driven by higher rate and fee, aviation activity and passenger traffic.

Earnings before interest and financing costs, and amortization ("EBITDA") for the second quarter was $277.2 million, an  increase of 6.2%; year-to-date EBITDA was $516.5 million, an increase of 8.1%, compared to the same periods in 2025. The increase in EBITDA during the second quarter and year-to-date was related to higher revenues associated with the increase in aeronautical fees, AIF, aviation activity, passenger traffic and commercial revenues, partially offset by an increase in operating costs (before amortization). EBITDA margin during the second quarter was  48.9%, a decrease of 1.2 percentage points. Year-to-date EBITDA margin was 47.4%, flat compared to the same period in 2025. Refer to section "Non-GAAP Financial Measures" of this MD&A for additional information.

Net income during the second quarter was $127.5 million, an increase of 16.2%, and year-to-date net income was $169.5 million, a decrease of 5.4%, compared to the same periods of 2025, driven by the increase in revenues offset by the increase in expenses. Year-to-date decrease in net income is primarily due to an asset write down in the first quarter.

Free Cash Flow for the second quarter was $18.8 million, a decrease of 65.1% compared to the same period in 2025 primarily driven by lower cash flow from operations together with higher cash outflows related to capital expenditure. Year-to-date free cash flow was $182.1 million, an decrease of 1.4% compared to the same period in 2025, driven by lower cash flow from operations, partially offset by marginally lower capital expenditures. Refer to section "Non-GAAP Financial Measures" of this MD&A for additional information.

The GTAA's June 30, 2026 financial results are discussed in more detail in the GTAA's Condensed Interim Consolidated Financial Statements and Management's Discussion and Analysis, each for the  three and six-months ended June 30, 2026, which are available at www.torontopearson.com and on SEDAR at www.sedarplus.ca.

Caution Regarding Forward-Looking Information

This news release contains forward-looking information within the meaning of applicable securities laws. This forward-looking information is based on a variety of assumptions and is subject to risks and uncertainties. These statements reflect GTAA Management's current beliefs and are based on information currently available to GTAA Management. There is a risk that predictions, forecasts, conclusions and projections that constitute forward-looking information will not prove to be accurate, that the GTAA's assumptions may not be correct and that actual results may differ materially from such forward-looking information. Additional detailed information about these assumptions, risks and uncertainties is included in the GTAA's securities regulatory filings, including its most recent Annual Information Form and Management's Discussion and Analysis, which can be found on SEDAR at www.sedarplus.ca. 

NON-GAAP FINANCIAL MEASURES

Throughout this news release, there are references to the following performance measures which in Management's view are valuable in assessing the economic performance of the GTAA.  While these financial measures are not defined by the International Accounting Standards Board and are referred to as non-GAAP measures which may not have any standardized meaning, they are common benchmarks in the industry, and are used by the GTAA in assessing its operating results, including operating profitability, cash flow and investment program.

EBITDA

EBITDA is earnings from operations before interest and financing costs, reversal or impairment of investment property, write-down of property and equipment, and amortization.  EBITDA is a commonly used measure of a company's operating performance. This is used to evaluate the GTAA's performance without having to factor in financing and accounting decisions.

Free Cash Flow

Free Cash Flow ("FCF") is cash flows from operating activities per the consolidated statements of cash flows, and ACIP grants received less capital expenditures (property and equipment, investment property, and other) and interest and financing costs paid, net of interest income (excluding non-cash items). FCF is used to assess funds available for debt reduction or future investments within Toronto Pearson.

About Toronto Pearson

The Greater Toronto Airports Authority is the operator of Toronto Pearson International Airport, Canada's largest airport and a vital connector of people, businesses, and goods.

Toronto Pearson has been named "Best Large Airport in North America serving more than 40 million passengers" eight times in the last nine years by Airports Council International, the global trade representative of the world's airports.  Toronto Pearson was also recognized in 2025 as one of "Canada's Best Employers" by Forbes.

For our corporate X channel, please visit @PearsonComms. For operational updates and passenger information, please visit @TorontoPearson/@AeroportPearson on X. You can also follow us on Facebook or Instagram.

SOURCE Greater Toronto Airports Authority

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